The Standing orders subsystem

The subsystem is dedicated to handling standing orders that describe the procedure and rules followed by the Bank when performing operations with a current account on the client’s instructions. The subsystem performs periodic or single withdrawals from a client’s current account in favor of a payee specified by the order (for example, payments, user charge, credit repayment, etc.).

The subsystem provides adjustment and automatic execution of withdrawal rules that include:

Schedule of payments or a method for estimating of the next payment date;
Amount of payments or a method of determining the next payment amount;
The method of performing a withdrawal in case of several orders on one current account;
Actions that must be taken when the account balance is insufficient for executing the operations;
Requisites for filling in the payment document for a withdrawal operation.